India’s flagship national oil company, Indian Oil Corporation Ltd. (IndianOil), entered into a Memorandum of Understanding (MoU) with Transparency International India (TII) here today for implementing an Integrity Pact Programme focussed on enhancing transparency in its business transactions, contracts and procurement processes.

The MoU was signed by Mr. Sarthak Behuria, Chairman, IndianOil, and Admiral (Retd.) R H Tahiliani, former Chief of Naval Staff and Chairman of TII, in the presence of Mr. Pratyush Sinha, Central Vigilance Commissioner, Mrs. Ranjana Kumar, Vigilance Commissioner, Board members and senior officials of IndianOil and TII.

Under the MoU, IndianOil is committed to implementing the Integrity Pact in all its major procurement and work contract activities. Four Independent External Monitors nominated by TII in consultation with the Central Vigilance Commission (CVC) shall monitor the activities. They are: Mr. BB Tandon, former Chief Election Commissioner; Mr. Pradip Baijal, former Chairman, Telecom Regulatory Authority of India; Mr. RSSLN Bhaskarudu, former Chairman, Public Enterprises Selection Board; and Mr. Bikash C Bora, former Chairman & Managing Director of ONGC.

Thanking TII and the CVC for nominating four eminent personalities of impeccable integrity as IndianOil’s Independent External Monitors, Shri Behuria said, “IndianOil believes in total transparency, integrity and accountability in its functioning as a prerequisite for achieving its Vision of becoming a major diversified, transnational, integrated energy major. It values its business relationships with its numerous domestic and international contractors and vendors of goods and services and is committed to dealing with them in a fair and transparent manner by maintaining the highest ethical standards in its transactions with them.”

Complimenting IndianOil and TII for the MoU, Mr. Pratyush Sinha, Central Vigilance Commissioner, said that the Integrity Pact would strengthen established systems and procedures by creating trust and would have the full support of the Central Vigilance Commission.

Transparency International India, launched in 1997, is the Indian Chapter of Berlin-based Transparency International, which has presence in 93 countries. The Integrity Pact Programme was launched in the mid-90s by TI to create ‘islands of Integrity’ through a voluntary contract between the buyer and the seller to eliminate corrupt practices. It establishes mutual contractual rights and obligations and brings transparency and enhances the credibility of the organisations involved

Sourced From: Indian Oil Corporation Limited

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